Dec 23 2025
Recent Research
Flutter Entertainment plc
Launches prediction markets and model update
Flutter confirmed yesterday (December 22nd) that it has launched FanDuel Predicts in five initial states, representing the start of a phased national rollout. The release notes that...
Robertet
Scent and Sensibility: initiating on Robertet
We are initiating coverage of Robertet, a mid-sized house in the global fragrance and flavour (F&F) sector with a long-standing focus on natural ingredients and a vertically integrated...
Irish banks
Banks monthly: competition evolution
Following fundamental changes in the retail Irish banking landscape almost five years ago, competition in the market continues to evolve. We assess the market as competitive but...
XPS Group
Multi-year growth opportunities ahead
XPS delivered strong H1 results, extending its track record of double-digit revenue growth. We maintain robust revenue forecasts, while earnings are modestly impacted by higher...
Glanbia
Thoughts on recent Capital Markets Day – positive equity set-up
Glanbia’s recent Capital Markets Day (CMD) conveyed a positive tone. The outlook for its flagship brand, Optimum Nutrition (ON), is encouraging as it is positioned at the intersection of...
UK Building Distribution and Products
Foundations in place but recovery still on hold
It has been a bruising 2025 for our UK-listed building distribution and products coverage list. Another year of earnings disappointment has, not surprisingly, impacted sentiment. Looking...
IRES REIT
Upgrades to forecasts highlight the opportunity
As indicated following the Q3 trading statement, we are upgrading our earnings and net tangible asset (NTA) forecasts due to stronger expected organic growth from the proposed...
European Building Materials
Outlook for European construction continues to gradually improve
The outlook for the European construction sector looks to be marginally better than what was envisaged mid-year. The latest Euroconstruct forecasts confirm that activity has...
Greggs plc
Fresh out of the oven: initiating on Greggs
We are initiating coverage of Greggs plc (GRG), a scale and vertically integrated provider of branded ‘on the go’ food and beverage in the UK. Greggs combines owned manufacturing with...
Flutter Entertainment plc
Concerns moving into the rear view mirror
We update forecasts to reflect the Q3 update and refreshed guidance. We also now factor in the investment and return in FanDuel Predicts. We adjust our valuation to reflect the peer...
